intelliHR battle ends with a 300 per cent windfall for shareholders
Shareholders in Brisbane software company intelliHR have enjoyed a 300 per cent increase in the value of their shares as a result of the contested takeover of the company.
Australian shares have maintained momentum after hitting all-time levels last week. (Pic Steven Saphore/AAP PHOTOS)
The Access Group (TAG) finally conceded and withdrew from the fight that had lifted shares from just over 6 cents at the start of the fight to 24 cents. The first bid for the company was at 11 cents a share.
The successful bidder, Humanforce, already has 52 per cent of the company and has the intelliHR board’s backing.
intelliHR told the market yesterday that the 300 per cent increase in share value was a “compelling opportunity”.
However, the final offer is still well below the 49 cents a share intelliHR reached in December 2020.
There were nine separate bids in the battle for control of the company.
However, TAG still walks away with a break fee of $747,000.
Humanforce is owned by Accel-KKR nad operates in 18 countries with about 500,000 users.
